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It is important to note that the best measure of a closed-end fund's total return to an investor is based on the combination of the change in its actual market price over the periods measured, plus the effect of fund distributions, whether reinvested or paid in cash. This return is what an investor in the fund's shares earns. On the other hand, when assessing the performance of a fund manager, the fund's total return based on its NAV is more useful--because the manager's decisions impact NAV directly while influencing the premium or discount only indirectly.

Performance information is available from periodic reports issued by closed-end funds, reports by services which follow and rate individual funds, and report issued by analysts who focus on the closed-end fund industry. Newspapers and other financial publications are also a good source of information on funds

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